AXA/2025/FY/Earnings presentation: Difference between revisions

| document_typedocument_category = Analyst presentation

* ''AXA Full Year 2025'' earnings presentation delivered on February Earnings26, Presentation2026 ^{p. 1}

* Certain statements are forward''Forward-looking, includingstatements'' predictionsinclude of future eventspredictions, trends, plans, expectations, or objectives based on Management's current views and subject to change ^{p. 2}.

** UndueAPMs relianceare shoulddefined notunder beESMA placedguidelines onand forward-lookingthe statementsAMF's due2015 toposition knownstatement, andwith unknownreconciliations risksprovided and uncertainties outsidein AXA's control2025 Activity Report ^{p. 2}.

* '''1. FY25 Highlights''': presented by Thomas Buberl, Group CEO, starting on p.04 ^{p. 3, 4}.

* '''2. FY25 Business Performance''': presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, starting on p.09 ^{p. 3, 9}.

* '''3. FY25 Financial Performance''': presented by Alban de Mailly Nesle, Group CFO, starting on p.13 ^{p. 3, 13}.

* PresentedSection divider slide for ''FY25 Highlights'', presented by Thomas Buberl, Group CEO ^{p. 4}.

*|+ '''UnderlyingKey EPS''' +8%financial vs.highlights, FY24FY25 ^{p. 5}

! style="text-align:left" | EUR billion unless otherwise mentioned

|+ FY25 grossGross written premium split (FY25, excluding AXA IM and holdings) ^{p. 7}

* Protection''Secular trends'' fuel demand across businesses, driven by protection gaps and emerging corporate risks, (relevantas forwell SMEas &demographics Mid-marketdriving anddemand Largefor &private Specialtyretirement segments) ^{p.and 7}healthcare

* (icon)* '''DrivingClear efficiency'tech'' and AI roadmap ^{p. 8}

** (icon)''Driving efficiency'''Enhancing capitalacross allocation discipline'''operations ^{p. 8}

* (icon)* '''BuildingEnhancing resilience'capital'' allocation discipline ^{p. 8}

** Confidence''Building inresilience'' sustainingacross earningsthe growthbusiness ^{p. 8}

== FY25 Business Performance ==

{| class="wikitable fintable"

|+ Gross written premiums and underlying earnings by region, FY25 ^{p. 10}

! style="text-align:left" | EURRegion billion(share unlessof otherwisetotal mentionedGWP¹)

! class="col-sm" style="text-align:right" | GWPGross written premiums

! class="col-sm" style="text-align:right" | GWPUnderlying changeearnings

| style="text-align:left" | ''France'' (27% of total GWP¹)

| class="col-m" style="text-align:right" | 31+6% to EUR 31bn

| class="col-m" style="text-align:right" | +67% to EUR 2.2bn

| style="text-align:left" | ''Europe'' (38% of total GWP¹)

| class="col-m" style="text-align:right" | 43+6% to EUR 43bn

| class="col-m" style="text-align:right" | +69% to EUR 3.5bn

| style="text-align:left" | ''AXA XL'' (17% of total GWP¹)

| class="col-m" style="text-align:right" | 19+4% to EUR 19bn

| class="col-m" style="text-align:right" | +49% to EUR 1.9bn

| style="text-align:left" | ''Asia, Africa & EME-LATAM'' (18% of total GWP¹)

| class="col-m" style="text-align:right" | 20+13% to EUR 20bn

| class="col-m" style="text-align:right" | +136% to EUR 1.5bn

|+** AXA XL GWP split,includes EURAXA 58bnXL totalRe premiums of EUR 2.6bn ^{p. 11}.

|* ''Underlying earnings'' +7% GWPLFL split,to EUR 57bn3.5bn total(change FY25 vs. FY24 at constant FX) ^{p. 12}.

=== FY25 Financialfinancial Performanceperformance ===

* ''Section 3'': FY25 Financial Performance presented by Alban de Mailly Nesle, Group CFO ^{p. 13}

|+ P&C GWP & other revenues by linesegment, FY24 vs FY25 ^{p. 14}

|+ Combined ratio bridge, FY24 vs FY25 ^{p. 15}

! style="text-align:left" | —Combined ratio

| style="text-align:left; font-weight:bold" | Total Combinedcombined Ratioratio

* BetterUndiscounted undiscounted current yearCY loss ratio excluding(ex Nat Cat) improved from:

* ImprovementExpense inratio expense ratioimproved reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology

* Lower reliance on priorPrior year reserve development shows lower reliance

* TakingReserve prudence enhanced by taking advantage of a good year to enhance reserve prudence

|+ Underlying earnings walkbridge, FY24 to FY25 ^{p. 16}

! class="col-s" style="text-align:right" | Underlying Earningsearnings

* Underlying Earningsearnings grew +9% (at constant FX) to EUR 5,872m.

* Better underwritingUnderwriting result improved from strong volume growth and improved all-year combined ratio while enhancing reserve prudence.

* IncreaseInvestment inincome investment incomeincreased reflecting higher volumes and better reinvestment yields on fixed income assets.

* HigherInsurance finance expenses impacted by higher unwind of discount of claims reserves, in line with guidance.

* Unfavorable forexForex impact was unfavorable, notably due to USD depreciation vs. EUR.

|+ GWP &and other revenues by line, FY24 vs FY25 ^{p. 17}

! class="col-s" style="text-align:right" | LFL Change

| style="text-align:left" | '''Life GWP & Other Revenues'''

| style="text-align:right" | 6.0—

| style="text-align:right" | 69.10

| style="text-align:right" | 1.9—

| style="text-align:left" | '''Health GWP & Other Revenues'''

| style="text-align:right" | 7.0—

| style="text-align:right" | 78.95

|+ Net flows by segment, FY24 vs FY25 ^{p. 17}

! class="col-s" style="text-align:right" | Net flowsFY24

| style="text-align:right" | +4.9—

| style="text-align:right" | +2.7—

| style="text-align:right" | +1.5—

| style="text-align:right" | +1.2—

|+ PVEP trend by segment, FY24 vs FY25 ^{p. 18}

! class="col-s" style="text-align:right" | LFL Change

| style="text-align:left; font-weight:bold" | '''Total PVEP'''

| style="text-align:right; font-weight:bold" | 50.9

| style="text-align:right; font-weight:bold" | 49.4

| style="text-align:right; font-weight:bold" | -2%

| style="text-align:right" | 39.4—

| style="text-align:right" | 8.5—

| style="text-align:right" | 2.0—

| style="text-align:right" | 1.0—

! style="text-align:left" | EUR billion unless otherwise mentioned

* ''PVEP was'' impacted by higher interest rates on discounting despite strong growth in Life volumes ^{p. 18}.

* ''NB CSM was'' driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits ^{p. 18}.

* ''NBV was'' broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France ^{p. 18}.

* (bar) '''NBNBV CSM'margin'': (pre-tax) +34.4% (constantin scopeFY24 → 4.5% andin FX)FY25 ^{p. 18}

|+ Contractual Service Margin rollforward, FY24 to FY25 ^{p. 19}

! class="col-s" style="text-align:right" | Contractual Service MarginValue

|+ Underlying earnings walkbridge, FY24 to FY25 ^{p. 20}

| style="text-align:left" | FY24 start

| style="text-align:left" | FY25 end

* '''Underlying Earnings'earnings'' +7% (constantLFL to EUR FX)3,501m ^{p. 20}

* Strong '''shortShort-term technical margin''': reflectingEUR underwriting415m andin claimsFY24 initiativesto thatEUR more than offset the impact of legislative change on the recoverability of value added tax479m in Mexico (EUR -0.1bn)FY25 ^{p. 20}

* Higher '''longLong-term results'result'' from increase inincl. CSM release: (+8%)EUR reflecting growth2,680m in reserveFY24 base,to includingEUR from favorable equity market performance2,804m and betterin marginsFY25 ^{p. 20}

** '''Life'Tax & others'': FY24 EUR 2.6bn,-748m FY25in FY24 to EUR 2.7bn-728m (+4%in vs. FY24)FY25 ^{p. 20}

** ''Life underlying earnings'Health''': FY24+4% to EUR 02.7bn, FY25(prior: EUR 02.8bn (+17% vs. FY246bn) ^{p. 20}

* '''Short-termHealth technicalunderlying margin'earnings'' +17% to EUR 0.8bn (prior: EUR 479m0.7bn) ^{p. 20}

* '''LongShort-term resultmargin'' incl.strong CSMon release''':underwriting and claims initiatives; more than offset legislative change on Mexico VAT recoverability of EUR 2,804m-0.1bn ^{p. 20}

|+ Underlying earningsEarnings and net income by segment,breakdown FY24 vs FY25 ^{p. 21}

| style="text-align:left" | ''Underlying earnings total''

| style="text-align:right" | +2.1

| style="text-align:right" | +2.2

| style="text-align:right" | +0.3

| style="text-align:left" | ''Net income total''

|+ Underlying earnings per share walkbridge, FY24 to FY25 ^{p. 21}

* '''Underlying earnings''' drivers: Strong performance from insurance businesses ^{p. 21}

** '''UnderlyingStrong earnings''':performance Stablefrom holdinginsurance cost, expected to remain at current level in 2026businesses ^{p. 21}

** '''NetStable income''':holding Highercost, netexpected incometo mainlyremain reflectingat highercurrent underlyinglevel earningsin and the gain from the sale of AXA IM2026 ^{p. 21}

** ChangeHigher atnet constantincome FXmainly forreflecting higher underlying earnings and netthe incomegain from the sale of AXA IM ^{p. 21}

** ChangeLower onfinancial reportedflows basisreflecting forunfavorable underlyingforex earnings per shareimpact ^{p. 21}

* (bar)Change '''Underlyingis at constant FX for underlying earnings perand share''':net EURincome; 3.59change (FY24)is →on EURa 3.86reported (FY25)basis (+8%)for underlying earnings per share ^{p. 21}

* including(bar) -1%''Underlying fromearnings temporaryper earningsshare'' dilution(In fromEuro): AXAEUR IM3.59 salein dueFY24 to theEUR timing3.86 ofin anti-dilutiveFY25 share buyback(+8%) ^{p. 21}

=== Shareholders' Equityequity ===

|+** Shareholders''HY25'': equityEUR 45.5bn total (comprising SHE excl. OCI EUR 52.7bn and relatedNet OCI EUR metrics-7.2bn) ^{p. 22}

|+ Shareholders' equity reconciliation, FY24 to FY25 and HY25 to FY25roll-forward ^{p. 22}

| style="text-align:left" | ''Opening Shareholders' equity''

| style="text-align:left" | ''Closing Shareholders' equity''

|+ NetHolding Cashcash Remittanceposition and Cash Position,bridge FY24 vsto FY25 in Euro billion ^{p. 23}

! style="text-align:left" | EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | FY24—

| style="text-align:left" | Net''FY24 Cash Remittanceposition''

| style="text-align:right" | 74.70

| style="text-align:left" | RemittanceNet ratiocash remittance from subsidiaries

| style="text-align:right" | 82%+7.5

| style="text-align:left" | Cash positionDividend

| style="text-align:right" | -4.06

! class="col-s" style="text-align:right" | Eligible Own Funds (EOF)

! class="col-s" style="text-align:right" | Solvency Capital Requirement (SCR)

| style="text-align:left" | Economic variance & FX

|+ Key sensitivities onof Solvency II ratio as of December 31, 2025 (base 224%) ^{p. 24}

| style="text-align:left" | Listed Equity (excl.excluding PE & Infra) +25%

| style="text-align:left" | Listed Equity (excl.excluding PE & Infra) -25%

|+ Solvency II ratio outlookimpacts ^{p. 25}

! style="text-align:left" | ItemEvent

! class="col-ms" style="text-align:right" | ValueImpact (pts)

| style="text-align:left" | RatioSolvency II ratio as of December 31/12/, 2025

| style="text-align:right" | 224%

| style="text-align:left" | Impact of theGrandfathering end of grandfathering periodimpact on January 1, 2026

| style="text-align:right" | -10pts to 215%10

| style="text-align:left" | Impact of Solvency II revision impact to come into effect in 1Q27

| style="text-align:right" | +17pts17

* EuroEUR 2.4 billion4bn grandfathered debt is no longer eligible as capital from January 1, 2026.

* No change is expected in organic capital generation.

* AdditionalProvides additional capital flexibility.

* 1. Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.

* '''Record results''', achieved at the top end of the target range while enhancing reserve prudence ^{p. 27}.

* ''All businesses'' in excellent shape, delivering strong growth and profitability ^{p. 27}.

* '''Diversified franchise''', well-positioned to capture future growth opportunities ^{p. 27}.

* ''Laying foundations'' for the next plan and confident in delivering sustainable earnings growth ^{p. 27}.

* ''Q&A session'' for the Full Year 2025 Earnings presentation held on February 26, 2026 ^{p. 28}.

* '''ContactInvestor us'Relations contact'': +33 1 40 75 48 42; investor.relations@axa.com ^{p. 29}

** Investor''Follow Relationsus'': +33 1 40 75 48 42www.axa.com ^{p. 29}

**|+ March:Meet Roadshowsour inmanagement Europeevent and USschedule ^{p. 29}

* Section divider for ''Appendices'' ^{p. 30}

* Additional''Debt IFRS17and disclosuresInvested Assets'' ^{p. 4131}

* Sustainability''Additional P&C disclosures'' ^{p. 4436}

|+ Gross financial debt by type ^{p. 32}

! style="text-align:left" | EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | Tier 1FY24

! class="col-s" style="text-align:right" | Tier 2FY25

! class="col-s" style="text-align:right" | SeniorJan debt1st 2026

| style="text-align:left" | FY24Tier 1

| style="text-align:right" | 194.26

| style="text-align:left" | FY25Tier 2

| style="text-align:right" | 310.58

| style="text-align:right" | 411.63

| style="text-align:left" | JanSenior 1st 2026debt

| style="text-align:rightleft; font-weight:bold" | 3.2Total

| style="text-align:right; font-weight:bold" | 2019.32

| style="text-align:right" | 0.9—

| style="text-align:right" | 0.9—

| style="text-align:right" | 0.9—

| style="text-align:right" | 0.9—

| style="text-align:right" | 01.5

| style="text-align:right" | 0.25

| style="text-align:right" | 0.5—

| style="text-align:left" | 2031-2039Grandfathered debt (contractual)

| style="text-align:right" | 0.7—

| style="text-align:right" | 0.2—

| style="text-align:left" | ≥2040Tier 2 2030

| style="text-align:right" | 0.2—

| style="text-align:left" | UndatedTier 2 ≥2040

| style="text-align:right" | 0.5—

| style="text-align:right" | 0.1—

| style="text-align:right" | 0.1—

| style="text-align:right" | 0.1—

| style="text-align:right" | 0.9—

| style="text-align:right" | 02.10

| style="text-align:right" | 0.1—

| style="text-align:right" | 0.19

| style="text-align:left" | 2031-2039Grandfathered debt (economic)

| style="text-align:right" | 0.7—

| style="text-align:right" | 0.2—

| style="text-align:left" | ≥2040Tier 1 2026

| style="text-align:right" | 0.21

| style="text-align:left" | UndatedTier 1 2028

=== General Accountaccount invested assets ===

|+ FY25Invested Totalassets Generalbreakdown Account invested assetsFY25 ^{p. 33}

! class="col-s" style="text-align:right" | ShareFY25

| style="text-align:left" | ''Fixed income''

| style="text-align:left" | Real''o/w estateGovernment bonds''

| style="text-align:left" | ''Infrastructure equity''

| style="text-align:left" | ''Listed equities''

| style="text-align:left" | ''Private equity and hedge funds''

| style="text-align:left" | ''Cash''

| style="text-align:left" | ''Policy loans''

| style="text-align:left" | '''Total Insurance Invested Assets'''

| style="text-align:right" | '''450'''

| style="text-align:right" | '''100%'''

|+ Invested assets by structuredStructured and private credit type,assets breakdown FY25 ^{p. 34}

! style="text-align:left" | Invested assets (100%) in EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | % of total G/A portfolioFY25

| style="text-align:left" | '''Total Structured and Private Credit Assets'''

| style="text-align:right" | '''69'''

| style="text-align:right" | '''15%'''

* EUR''General 6bnAccount'' Dutch(G/A) mortgages,represents NHGthe guaranteedinvestment portfolio ^{p. 34}.

=== Investment portfolio | Fixed Incomeincome reinvestment ===

|+ FY25 Fixed Income Reinvestment asset mix ^{p. 35}

! style="text-align:left" | SegmentAsset mix

| style="text-align:left; font-weight:bold" | '''Total fixed income'''

| style="text-align:right; font-weight:bold" | —3.9%

* EURFixed 57income billionreinvestment fixedtotaled incomeEUR invested57bn atin 3.9%FY25 ^{p. 35}

** Includes EUR 19.7 billion of Private & Structured Credit investedreinvestment of EUR 19.7bn at 4.7% (yield, including CLOs, ABS, Infra & CRE debt, Fund financing, and Private HY) ^{p. 35}

** GradualStrategic shift characterized by a gradual transition from alternative total return assets to Private & Structured credit ^{p. 35}

*=== '''Table of contents''': ===

** 2.''Debt Additionaland P&CInvested disclosures,Assets'' p.36on page 31 ^{p. 36}

** 3. ''Additional IFRS17P&C disclosures,'' on page p.4136 ^{p. 36}

** 4.''Additional Sustainability,IFRS17 p.44disclosures'' on page 41 ^{p. 36}

|+ FY25 GWP by line of business and geography, USD 19bn total ^{p. 37}

! style="text-align:left" | SegmentLine of business

! class="col-s" style="text-align:right" | Line of business shareShare

| style="text-align:left" | Professional lines (including Cyber)

* ManagingCycle themanagement cycleis utilized to deliver consistent profitability ^{p. 37}

** (scatter plot) ''Property'Profitability': vs.high profitability, Exhigh ex-price growth (%)''':^{p. 37}

*** Property''Specialty'': (medium-high profitability, medium-high ex-price growth) ^{p. 37}

*** Specialty''Casualty'': (medium profitability, medium ex-price growth) ^{p. 37}

*** Casualty''Professional (mediumlines'': lower profitability, lowlower ex-price growth) ^{p. 37}

=== P&C | Focus on Reservesreserves ===

|+ Claims and technical reserves ratios, FY18-FY25 ^{p. 38}

! class="col-s" style="text-align:right" | Claims reserves ratio (IFRS4)FY18

! class="col-s" style="text-align:right" | Claims reserves ratio (IFRS17)FY19

! class="col-s" style="text-align:right" | Technical reserves ratio (IFRS4)FY20

! class="col-s" style="text-align:right" | Technical reserves ratio (IFRS17)FY21

| style="text-align:left" | FY18Claims reserves ratio (IFRS4 basis)

| style="text-align:right" | 179%

| style="text-align:left" | FY19Claims reserves ratio (IFRS17 basis)

| style="text-align:left" | FY21Technical reserves ratio (IFRS4 basis)

| style="text-align:right" | 188%213

| style="text-align:left" | FY24Technical reserves ratio (IFRS17 basis)

| style="text-align:right" | 210%234

* '''ClaimsTechnical reserves ratio'''definition (Netincludes net undiscounted claims reserves/Net earnedand premiums)unearned premium reserves ^{p. 38}.

=== P&C | 2026 Simplified Group Nat Cat Reinsurancereinsurance Programprogram 1 ===

|+ Insurance segment occurrence protection, 2026 ^{p. 39}

! style="text-align:left" | EUR billion

* (diagram)Covered '''Reinsurance segmentvia (illustrative)''': Alternative Capital & Cat Bonds'' ^{p. 39}

{| class="wikitable fintable"

|+ Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ^{p. 40}

! style="text-align:left" | PercentileReturn period / probability percentile

! class="col-s" style="text-align:right" | DeviationEUR billion

| class="col-s" style="text-align:right" | -EUR 1.2bn2

| class="col-s" style="text-align:right" | -EUR 0.8bn8

| class="col-s" style="text-align:right" | -EUR 0.4bn4

| class="col-s" style="text-align:right" | EUR +0.1bn1

| class="col-s" style="text-align:right" | EUR +0.5bn5

| class="col-s" style="text-align:right" | EUR +0.7bn7

| class="col-s" style="text-align:right" | EUR +0.8bn8

{| class="wikitable fintable"

|+ Average Expectedexpected Nat Cat charges net of reinsurance, pre-tax ^{p. 40}

! style="text-align:left" | EUR billionYear

! class="col-s" style="text-align:right" | 2025EUR billion

! class="col-s" style="text-align:right" | 2026Estimated impact on GEP

| style="text-align:left" | Average Expected Nat Cat charges2025

| class="col-s" style="text-align:right" | 2.6

| class="col-s" style="text-align:right" | 2ca. 4.75%

| style="text-align:left" | Estimated impact on GEP2026

| class="col-s" style="text-align:right" | 42.5%7

| class="col-s" style="text-align:right" | ca. 4.5%

* '''TableDebt ofand contents'Invested Assets'' ^{p. 4131}

** 1. Debt and''Additional InvestedP&C Assetsdisclosures'' ^{p. 3136}

** 2. ''Additional P&CIFRS17 disclosures'' ^{p. 3641}

** 3. Additional IFRS17 disclosures''Sustainability'' ^{p. 4144}

|+ P&C Underlyingmargin Earningsanalysis walk,and FY24underlying toearnings FY25 ^{p. 42}

! style="text-align:left" | EUR million unless otherwise mentioned

| style="text-align:left" | '''Current Accident Year Undiscounted Technical Result'Margin''

| style="text-align:left" | Gross''Current EarnedAccident PremiumsYear Discounting''

| style="text-align:left" | Discounting''Prior RatioYears' (inReserve CombinedDevelopment Ratio points(PYD)''

| style="text-align:left" | PYD''Investment ratioIncome''

| style="text-align:left" | FY25''Insurance AverageFinance AssetsExpenses''

| style="text-align:left" | FY24''Underlying ReservesEarnings atbefore locked-in ratetax''

| style="text-align:left" | '''Underlying Earnings'''

|+* Sensitivity''Discounting toratio'' Current-3.5% Accident(+0.0pt Yearin discountCombined rateRatio changespoints) ^{p. 42}

* Changes''L&H versusmargin FY24analysis'' atincludes constantscope FXimpact ^{p. 4243}.

* Reinvestment''Short-term yieldtechnical onmargin'' fixed+EUR income60m assetsto EUR 479m, including the recapture of Laya ^{p. 4243}.

* (flow) '''TechnicalAll year combined Result'ratio'' (In Euro million97.2%, pre-tax)improved 0.1pts ^{p. 4243}.

* (flow) '''FinancialLong-term technical Result'margin'' (In+EUR Euro156m million,to pre-tax)EUR 2,804m ^{p. 4243}.

* (flow)* ''CSM release''Underlying Earnings+EUR before215m tax'''to EUR 2,954m ^{p. 4243}.

|+ L&HTechnical Underlyingand Earningsfinancial walk,results FY24in toEuro million, FY25pre-tax ^{p. 43}

! style="text-align:left" | EURTechnical millionand unlessFinancial otherwise mentionedResults

| style="text-align:left" | FY24Underlying ReservesEarnings atbefore locked-in ratetax

| style="text-align:right" | +65

| style="text-align:left" | '''Underlying Earnings'''

|+ Life & Health FY25 CSM Keykey Sensitivitiessensitivities in Euro billion ^{p. 43}

! style="text-align:left" | EUR billionSensitivity

! class="col-s" style="text-align:right" | ValueImpact

| style="text-align:right" | 0.87

* Includes''Debt scopeand impactInvested Assets'' ^{p. 4331}

* Changes''Additional versusP&C FY24 at constant FXdisclosures'' ^{p. 4336}

* Reinvestment''Additional yieldIFRS17 on fixed income assetsdisclosures'' ^{p. 4341}

* Incl. recapture of Laya''Sustainability'' ^{p. 4344}

|+ AXA'sESG Sustainability Targetstargets and 2025 Resultsachievements ^{p. 45}

! style="text-align:left" | —Category

! class="col-m" style="text-align:right" | 2025Achieved Resultin 2025

| class="col-m" style="text-align:right" | >EUR 500m per year

| style="text-align:left" | '''AsTransition aunderwriting Global(cumulative INSURER'''2024-2026)

| class="col-m" style="text-align:right" | —EUR 6bn in P&C GWP

| style="text-align:left" | Climate adaptation solutions & services (cumulative 2024-2026)

| class="col-m" style="text-align:right" | 19,698 Cumulative(cumulative 2024-2025)

| style="text-align:left" | Inclusive insurance customers by 2026

| class="col-m" style="text-align:right" | >20m by 2026

| style="text-align:left" | '''AsClimate aadaptation COMPANY'''training

| class="col-m" style="text-align:right" | —>80,000 employees by 2026

| style="text-align:left" | Contribute to Net-Zero in absolute carbonCarbon emissions by 2030reduction

| class="col-m" style="text-align:right" | -64% Reduction against 2019

| style="text-align:left" | Percentage of AXA Group employees engaged inEmployee volunteering activities by 2026

| class="col-m" style="text-align:right" | 50% of employees by 2026

|+ ESG Ratings and Scores, 2025ratings ^{p. 46}

! class="col-ms" style="text-align:right" | MetricScore

| style="text-align:left" | S&P Global percentile

| class="col-ms" style="text-align:right" | Score97th

| class="col-ms" style="text-align:right" | ScoreAAA

| class="col-ms" style="text-align:right" | ScoreB

| class="col-ms" style="text-align:right" | ESG17.0 Risk- Low Ratingrisk

| class="col-ms" style="text-align:right" | Score in FTSE4Good Index Series4.3/5

* The Corporate Sustainability Assessment (CSA) ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more preciselyspecifically AXA Restricted Shares), with results as of February 6th, 2026 ^{p. 46}.

* Results''Morningstar asSustainalytics rating'': 2025 ESG Risk Rating of February17.0 6th,– 2026Low risk ^{p. 46}.

* '''France''': scope includes insurance activities, banking activities, and holding ^{p. 47}.

* '''Europe''': scope includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holdings), Italy (insurance activities), Prima (insurance activities), and AXA Life Europe (insurance activities) ^{p. 47}.

* '''AXA XL''': scope includes insurance and reinsurance activities and holding ^{p. 47}.

* '''Asia, Africa & EME-LATAM''': ^{p.scope 47}includes:

** '''Asia''': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings which are fully consolidated; China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings, and net income ^{p. 47}.

** China''Africa'': L&S,Morocco Thailand(insurance activities L&Sand holding), theNigeria Philippines(insurance L&Sactivities and P&Cholding), Indonesia L&S and IndiaEgypt (Lifeinsurance activities disposed on March 11, 2024 and holding) businesses which are fully consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income ^{p. 47}.

** '''Africa'EME-LATAM'': MoroccoMexico (insurance activities), andColombia holding)(insurance andactivities), NigeriaBrazil (insurance activities and holding), Egyptand Türkiye (insurance activities and holding) which are fully consolidated, as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to net income ^{p. 47}.

** ''Transversal & Other'' scope includes AXA MediterraneanAssistance, AXA Liabilities Managers, AXA, and other Central Holdings ^{p. 47}.

* ''Accounting standards''AXA Investmentcomparative Managersfigures (untilgoing Julyback 1,to 2025)''':2023 includesare AXAunder InvestmentIFRS17/9 Managers, Selectstandards (previouslyeffective referredJanuary to as1, Architas2023); andfigures Capzaprior whichto are2023 fullyhave consolidatednot andbeen Asianrestated joint ventures whichand are consolidatedpresented under the equity methodIFRS4 ^{p. 47}.

* '''Capital-light G/A products''': encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0% ^{p. 48}.

* '''Contractual Service Margin (CSM)''': a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders ^{p. 48}.

* '''CSM release''': a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period ^{p. 48}.

* '''Economic variance''': corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force ^{p. 48}.

* '''Financial result''': consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow ^{p. 48}.

* '''Gross Written Premiums and Other Revenues (GWP & Other Revenues)''': represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) ^{p. 48}.

* '''New Business Contractual ServiceValue Marginmargin (NBNBV CSMmargin)''': a componentratio of the(i) carryingNBV, amount ofrepresenting the assetvalue or liability forof newly issued insurance contracts during the periodcurrent year, representing the unearned profit to be recognized as insurance contract services are(ii) providedPVEP ^{p. 48}.

* ''Technical experience'Present': valueconsists of expectedthe premiumsimpacts (PVEP)''':on the newunderlying businessearnings volume,of equal to(i) the presentdifference value atbetween the timeexpected ofand incurred issuecash-flows of the totaldefined premiumsperiod, expected(ii) tothe berisk receivedadjustment overrelease, (iii) the policychanges termin ^{p.onerous 48}.contracts, PVEPand is(iv) discountedthe atother thelong-term referenceelements interestwhich rateare andmainly PVEPcomposed isof Groupnon-attributable shareexpenses ^{p. 48}.

* '''AA''': Senior bond rating

* '''AAA''': Senior bond rating

* '''ABS''': Asset-Backed Securities

* '''AEP''': Aggregate Exceedance Probability

* '''AI''': Artificial Intelligence

* '''AMF''': Autorité des marchés financiers

* '''APAC''': Asia-Pacific

* '''AXA IM''': AXA Investment Managers

* '''AXA UK'XL'': AXA UnitedCorporate Solutions and XL KingdomCatlin

* '''AY'BBA'': AccidentBenefit-Bearing YearAccount

* '''BBA'CDP'': Benefit-BearingCarbon Disclosure AssetsProject

* '''BNP'CLO'': Banque NationaleCollateralized deLoan ParisObligation

* '''CDP'CRE'': CarbonCommercial DisclosureReal ProjectEstate

* '''CRE'CSM'': CommercialContractual RealService EstateMargin

* '''CSM'DPS'': ContractualDividend ServicePer MarginShare

* '''CY'EME'': CalendarEmerging YearMarkets

* '''DPS'EOF'': DividendEligible PerOwn ShareFunds

* '''EME'EPS'': EmergingEarnings Per MarketsShare

* '''EU'FX'': EuropeanForeign UnionExchange

* '''FTSE'GBP'': Financial TimesGreat StockBritish ExchangePound

* '''FX'GEP'': ForeignGross Earned ExchangePremium

* '''GEP'HKD'': GrossHong EarnedKong PremiumsDollar

* '''GF'HY'': GrandfatheredHigh Yield

* '''GWP'IFE'': GrossInsurance WrittenFinance PremiumsExpenses

* '''HY'IG'': HighInvestment YieldGrade

* '''IFE'JPY'': Insurance FinanceJapanese ExpensesYen

* '''IG'LFL'': Investment GradeLike-for-Like

* '''JPY'LTV'': Japanese YenLoan-to-Value

* '''LTV'NA'': Loan-to-ValueNorth America

* '''MX'NBV'': MexicoNew Business Value

* '''NA'NHG'': NorthNationale Hypotheek AmericaGarantie

* '''NBV'OCI'': NewOther BusinessComprehensive ValueIncome

* '''NHG'PAA'': NationaleParticipating HypotheekAccount GarantieAgreement

* '''NPS'PE'': Net PromoterPrivate ScoreEquity

* '''PAA'PYD'': PremiumPrior Years' AllocationReserve ApproachDevelopment

* '''PE'RCG'': PrivateReinsurance Capital EquityGeneration

* '''PVEP'ROE'': Present Value ofReturn Expectedon ProfitsEquity

* '''PYD'SCR'': Prior Years'Solvency ReserveCapital DevelopmentRequirement

* '''ROE'SME'': ReturnSmall and onMedium-sized EquityEnterprises

* '''SHE'UEPS'': Shareholders'Underlying Earnings Per EquityShare

* '''UEPS'VAT'': Underlying EarningsValue PerAdded ShareTax

* '''UK'VFA'': UnitedVariable Fee KingdomApproach